RESTATEMENT | NOTE 14 – RESTATEMENT Per ASC 250-10 Accounting Changes and Error Corrections, the financial statements as of and for the year ended June 30, 2023, are being restated to correct notes payable, convertible debt and the related derivatives. Schedule of changes and error corrections As of June 30, 2023 As Reported Adjusted As Restated ASSETS Current Assets: Cash $ 4,391 $ – $ 4,391 Prepaids and other assets 482,500 – 482,500 Total Current Assets 486,891 – 486,891 Property and equipment 450,000 – 450,000 Mining claims 57,532 – 57,532 Total Assets $ 994,423 $ – $ 994,423 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 110,565 $ – $ 110,565 Accrued interest 75,681 48,879 (1) 124,560 Due to related parties 55,654 – 55,654 Accrued compensation 346,060 – 346,060 Notes payable 202,051 11,200 (1) 213,251 Convertible notes payable, net of discount of $ 105,354 396,652 191,600 (1) 588,252 Derivative liability 1,010,145 429,184 (2) 1,439,329 Total current liabilities 2,196,808 680,863 2,877,671 Stockholders’ Equity (Deficit): Preferred stock, $ 0.001 25,000,000 none – – – Series A preferred stock, $ 0.001 1,000,000 1,000,000 1,000 – 1,000 Series B preferred stock, $ 0.001 1,900,000 1,833,000 1,883 – 1,883 Series C preferred stock, $ 0.001 1,000,000 163,950 165 – 165 Common stock, $ 0.001 950,000,000 227,097,537 227,098 – 227,098 Additional paid-in capital 24,171,513 – 24,171,513 Stock subscription receivable (56,250 ) – (56,250 ) Accumulated deficit (25,547,794 ) (680,863 ) (26,228,657 ) Total stockholders' deficit (1,202,385 ) (680,863 ) (1,883,248 ) Total liabilities and stockholders' deficit $ 994,423 $ – $ 994,423 For The Year Ended June 30, 2023 As Reported Adjusted As Restated Operating Expenses: General and administrative $ 978,792 $ – $ 978,792 Professional fees 142,863 – 142,863 Consulting 1,168,729 – 1,168,729 Director compensation 3,211,400 – 3,211,400 Officer compensation 3,100,500 – 3,100,500 Total operating expense 8,602,284 – 8,602,284 Loss from Operations (8,602,284 ) – (8,602,284 ) Other expense: Interest expense (308,823 ) (51,679 )(1) (360,502 ) Change in fair value of derivative (353,369 ) (429,184 )(2) (782,553 ) Loss on conversion of debt (166,799 ) – (166,799 ) Loss on conversion of preferred stock (1,033,119 ) – (1,033,119 ) Other expense (25,000 ) – (25,000 ) Penalty expense related to convertible debt – – (200,000 ) Total other expense (1,887,110 ) (680,863 ) (2,567,973 ) Net loss $ (10,489,394 ) (680,863 ) $ (11,170,257 ) Loss per share - basic and diluted $ (0.05 ) (0.01 ) $ (0.06 ) Weighted average shares outstanding - basic and diluted 193,155,882 – 193,155,882 (1) – Adjustments to correct interest related to additional debt balances. (2) – Adjustments to correctly account for the derivative |